Same overlay. Different equity universe. The trade.
Both strategies run the same defensive sleeve. Eighty equity. Ten LIQUIDCASE. Ten GOLDBEES. Same fortnight rebalance. The only knob that moved was which equity universe the eighty percent sat in.
METRIC
ALLCAP MA
LARGEMID MA
DELTA
Equity universestocks held
Total Market
50 names
LargeMidCap 250
40 names
narrower
5Y CAGR23 Apr 21 to 27 Apr 26
43.57
37.12
-6.45 pp
Max drawdownpeak to trough
-21.35
-17.61
-3.74 pp
Volatilityannualised
21.51
19.20
-2.31 pp
Sharperisk adjusted
1.79
1.74
-0.05
2025 closedthe year that decided behaviour
-1.7
+10.1
+11.8 pp
Worst single week
-10.38 vs -7.73
Allcap MA . LargeMid MA
Recovery time on the deepest dip
371 vs 350 days
Allcap MA . LargeMid MA
The honest read
The narrower universe traded 6.45 percentage points of headline CAGR for a steadier ride. The investor who actually held the steadier ride finished 2025 ahead of the one chasing CAGR.